Industry seeks lower regulatory burden
Live MintNew Delhi: The government should reduce red tape and simplify regulations for sustained and speedy improvement in the business climate, the Confederation of Indian Industry said on Sunday. In a continuously changing competitive environment and geopolitical and economic conditions, sustained and speedy improvement in domestic business climate has assumed a high priority, CII said in a statement. “Simplifying regulatory frameworks, reducing compliance burden and enhancing transparency should continue to remain our focus agenda for next several years,” the statement said, quoting Chandrajit Banerjee, CII’s director general. CII said industry applications should be given deemed approval beyond a specified time, capacity of courts should be enhanced and Alternative Dispute Resolution mechanisms should be relied upon more. Also read: Budget: CII seeks excise duty cut in petrol, diesel, hike in minimum wages High and rising pendency of tax disputes are a major issue and there is a need to minimize income tax litigation by unclogging pendency of cases at the level of Commissioner of Income Tax, the industry body said.